The Ministry of Textiles in partnership with Confederation of Indian Industry (CII) and Ahmedabad Textiles Industries’ Research Associations (ATIRA) organized a National Symposium on Advancements in Composites, Speciality Fibres and Chemicals here in New Delhi today. India’s Technical Textiles market has a huge potential backed by a significant growth rate of 10% and placement as the 5th largest technical textiles market in the world, said Mrs Rachna Shah, Secretary, Ministry of Textiles while addressing the symposium. She further said that that composites has distinct structural and physical features, which make them suitable for specific applications across various sectors. For example, in infrastructure development, aerospace, automotive sector, Military and Defence sector, medical devices, composite materials, among others. She highlighted the significance and importance of institutional buyers, user Ministries and industries in the adoption of technical textiles and products made out of specialty fibres and composites. A collaborative approach among stakeholders including industry representatives, policymakers, researchers, and investors is imperative to address the cost implications in the field of composites and specialty fibres and work together in increasing awareness and education for wider adoption by the larger community for the growth of the sector, she added. Dr Vijay Kumar Saraswat, Member, NITI Aayog, highlighted that the specialty fibres are the building blocks of the advanced composites and its choice is a strategic decision on a blend of performance requirements and cost consideration. He mentioned that specialty fibres like aramids, carbon fibre, zylon, ultra-high molecular weight polyethylene (UHMWPE), glass fibre, ceramic fibre can be tailored for diverse applications and strategic needs, such as Fire Retardant fabrics, Bullet Resistant Jackets, ropes and cables, windmills (renewable energy) and in gas and chemical filtration respectively. He highlighted the top trends in composite materials including but not limited to high performance resins and adhesives, carbon fibre based materials light weighting advanced polymer composites, biomaterials, nanocomposites, intelligence design and manufacturing. He elucidated the advancements in material science are not just about creating stronger or lighter materials, but also about ensuring their sustainable use through material circularity. He also stressed that the demand for bio-composites is increasing due to growth in its adoption by construction, furniture industry and increased compatibility in medical applications. Dr Saraswat also said advanced composites and specialty fibres are continuously evolving with research, pushing the boundaries of fibre performance. Future developments will include fibres with even greater strength and stiffness, enhanced thermal properties and even self-healing capabilities. He also emphasised that although composite materials have been around for many years, the industry is still amid innovation and evolution. There is a need to adopt sustainable practices which will be a key feature of the composites industry going forward. Shri Ajay Kumar Rana, Director General, RDSO during his address talked about the use of geotextiles and geo-composites in the railways sector. He highlighted the use of geotextiles, geogrids, pre-fabricated vertical drains (PVDs) for load bearing applications, slope erosion protection control application, drainage, separation, filtration etc. He also stated RDSO is actively working in developing new guidelines and standards for use of geo-composites in railways sector, in association with BIS. Shri Rajeev Saxena, Joint Secretary, Ministry of Textiles suggested technical textiles is one of the fastest growing segment with a strong global demand. The technical textiles industry holds immense potential to drive productivity, efficiency, cost-effectiveness, and innovative solutions across engineering and general applications. He highlighted that NTTM is a flagship mission with a view to position India as the Global Leader in Technical Textiles. During his speech, Shri Saxena elucidated various guidelines under the NTTM mission related to Research & Innovation, Start-up, machinery development, internship, education and skilling. While deliberating on the importance of composites, he stated that textile composite materials are replacing the conventional materials in several fields. Shri Nilesh M Desai, Director, Space Applications Centre (SAC/ISRO) said that SAC is the second largest research centre of ISRO with a long association with ATIRA. He said that space and aerospace is going to be a major area for composites applications, due to its light weight and durable properties. CFRP and Asto glass fibres are majorly used nowadays in space and aerospace sector. Around 150 participants attended the conference including Officials and Representatives from Central Ministries, user Departments of Central and State Governments, industry leaders, scientific experts, researchers, and professionals related to technical textiles.
Source: PIB
New Delhi: India has asked local industry to draw up a list of products from sectors in which the country is attempting to become self-reliant and has concerns about offering tariff concessions under its proposed free trade agreement (FTA) talks with the five-member Eurasian Economic Union (EAEU). Engineering goods, electronics and agriculture are expected to benefit from the agreement and the government asked the industry to identify restrictions, if any, that they face in the five members of the EAEU including Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. "The two sides have met and discussed initiating formal talks for the pact," an official said, adding that in the light of this development, inputs have been sought from industry on barriers and products in which the country wants to achieve self-reliance. New Delhi's concerns stem from the fact that India's exports to the union in April-January FY24 were $3.7 billion while imports were $51.7 billion due to crude oil imports from Russia. Moreover, the bloc has signed free trade pacts with China, Vietnam, Serbia and Iran, which could impact Indian industry's competitive position in any of the EAEU markets. As per the joint feasibility study report on India-EAEU, New Delhi's export potential to the bloc is estimated at $14-24 billion. "There are certain products with low-negotiation prospects where we have concerns on giving market access. Dairy and agricultural products are one such sticky agenda in many FTAs," said an industry representative. Medicines, telephones, shrimp and prawn, auto components and steel products are India's top exports to the EAEU whereas coal, petroleum, diamonds, fertiliser and metals are among the top imports. Russia is India's top trading partner in the union. India's outbound shipments to the EAEU accounted for a mere 0.8% of the country's total exports whereas imports from these countries accounted for a share of 4.8% of its global imports in 2022. The commerce and industry ministry has also asked industry the details on tariff and non-tariff barriers it faces in the bloc as well as those products where it hopes to expand in future and the relaxation to be sought from EAEU. "The EAEU's major trade partner has been China and India needs to be careful while negotiating the rules of origin so that circumvention of cheap Chinese imports doesn't take place," said a Delhi-based trade expert. India has already inked a trade pact with the European Free Trade Association, which comprises Iceland, Liechtenstein, Norway and Switzerland.
Source: The Economics Times
The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023. The government will accord focused attention to promote India's textiles exports, which declined for the second year in a row in 2023- 24, Textiles Secretary Rachna Shah said. The government has set an ambitious target to achieve USD 100 billion export for textile products by 2030. The cumulative exports of textiles and apparel from India during April 2023-March 2024 registered a de-growth of 3.24 per cent at USD 34.4 billion, as compared to USD 35.5 billion in April 2022-March 2023. In 2021-22, outward shipments of textiles and apparel were recorded at over USD 41 billion "We had challenges like the Red Sea crisis making it slightly more challenging," Shah said on the decline in India's textiles exports in 2023-24. Although geo-political challenges remain, the textiles secretary said some exporters have reported improvement in their order books in the first quarter and the shipments are likely to improve in the coming months. "We will be looking at more focused attention on products which have greater export potential and the production linked incentive (PLI) scheme is focused on those globally traded products," the textiles secretary told PTI. Shah also outlined other measures being looked at to promote exports from the sector, including "possibly looking at newer markets. She said the free trade agreements (FTAs), which India has entered into with other nations "hopefully will open up more opportunities" for the textiles exports. Sharing the outlook for outward shipments from the textiles sector, Shah said: "We should look at higher exports happening now. The global demand also will start looking better. Already in the first quarter we have seen some of our exporters have reported that the order positions for apparel, made-ups etc, is looking up so that should play out". India has been losing ground in global garments trade to countries like Bangladesh and Vietnam due to their lower labour costs, larger operation footprints, and benefits from free trade agreements.
Source: The Economic Times
To enhance exports, Shah highlighted a focus on products with high export potential through initiatives like the PLI scheme. Boost textile exports: The government is intensifying efforts to bolster the country's textile exports, which experienced a second consecutive year of decline in 2023– 24, according to Textiles Secretary Rachna Shah. During April 2023–March 2024, India's cumulative exports of textiles and apparel decreased by 3.24 per cent to $34.4 billion, compared to $35.5 billion in the same period the previous year. In 2021–22, exports of textiles and apparel exceeded $41 billion. Shah attributed the decline in textile exports in 2023–24 to challenges like the Red Sea crisis, which complicated trade. Despite ongoing geopolitical challenges, she noted that some exporters have seen improvements in their order books in the first quarter, indicating a potential uptick in shipments in the coming months. production-linked incentive (PLI) scheme. She also mentioned exploring new markets and leveraging free trade agreements (FTAs) to create more export opportunities. Shah expressed optimism about the outlook for textile exports, anticipating increased exports driven by higher global demand. She cited positive reports from exporters in the first quarter, indicating a rise in orders for apparel and make-up. India faces stiff competition in the global garment trade from countries like Bangladesh and Vietnam, which benefit from lower labour costs and larger operation footprints, as sector and boosting exports to meet its ambitious targets.
Source: Republic World
Factory output slowed in March to expand by 4.9% from a 5.6% grow in February but managed to average a 5.8% growth in the fiscal year 2023-24 as against a slower 5.2% expansion in 2022-23. According to official data released on Friday on the Index of Industrial Production, all three sectors—mining, manufacturing and electricity generation registered positive growth in March. Manufacturing grew at a five month high at 5.2% in March 2024 and by 5.5% for the full fiscal year 2023-24. Mining grew by a slower 1.2% in March and by 7.5% in the fiscal. Electricity generation expanded by 8.6% in March and grew by 7.1% between April 2023 and March 2024. Significantly, use based industries indicated a pickup in consumer sentiment with both consumer durable and non durables registering positive growth. Consumer durables grew by 9.5% in March as against 12.37% in February. It expanded by 3.6% in FY24 from 0.6% in FY23. Meanwhile, consumer non-durables grew by 4.9% in March versus a contraction of 3.48% in February. It grew by 4% last fiscal as against a 0.7% expansion in FY23. “Consumer goods have shown a revival buttressing the feeling of consumption picking up towards the yearend. Both durable and non-durables have done well. This should be sustained as rabi crop is expected to be good and along with wedding season should fuel spending in April and May,” said Madan Sabnavis, Chief Economist at Bank of Baroda. He however, highlighted that negative growth last year has provided the base effect for growth. “The consumption scenario remained mixed in FY24 with urban demand showing resilience while rural demand continued to lag. However, expectation of a good monsoon, moderating inflation, and signs of pick-up in rural demand are positives for the overall consumption scenario. Thus, a broad-based and durable improvement in consumption remains the key monitorable this fiscal,” said Rajani Sinha, Chief Economist, CareEdge. She also noted that upbeat performance in the infrastructure and construction goods segment remained supportive of the growth in industrial activity and the agency expects this momentum to continue going forward. Infrastructure or construction grew by 6.9% in March and by 9.6% in FY24. However, experts believe that growth could slow down in April. Aditi Nayar, Chief Economist, Head Research and Outreach, ICRA said the agency anticipates the YoY IIP growth to decelerate to about 3-4% in that month from 4.9% in March 2024, owing to an adverse base.
Source: Business India
The discussions for review of the ASEAN-India Trade in Goods Agreement (AITIGA), to make it more trade-facilitative and beneficial for businesses across the region, started in May 2023. The Joint Committee undertaking the review work has met four times so far and has finalised its terms of reference and the negotiating structure for the review negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its third meeting held from February 18-19, 2024 in New Delhi.
Senior officials of India and the 10-nation Association of Southeast Asian Nations (Asean) bloc of will hold the next round of talks in July to review the existing free trade pact in Indonesia, the government said Sunday. The last round of the three-day negotiations concluded on May 9 in Malaysia.
Source: The Economic Times
Synopsis The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022. Just a decade ago, Indian GDP was the eleventh largest in the world. Currently, India's GDP is estimated to be around USD 3.7 trillion. Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022. Just a decade ago, Indian GDP was the eleventh largest in the world. Currently, India's GDP is estimated to be around USD 3.7 trillion. Some highlights of India's journey to the top 5 economies of the world in 2024 from Fragile 5 in 2013, according to Kant, among others, record GST collection, over 8 per cent GDP growth in the past three quarters, trading in Indian currency Rupee with various countries (to be precise The term Fragile 5 was coined by a Morgan Stanley analyst in 2013 and refers to a set of five emerging countries, including India, whose economy was not doing well back then. The other four countries were Brazil, Indonesia, South Africa, and Turkey. Double-digit growth in the steel, cement, and automobile manufacturing sectors; global leader in digital public infrastructure, with e-transactions surging to 134 billion, accounting for 46 per cent of all global digital payments; accounts opened under Jan Dhan, Aadhaar and Mobile trinity have over Rs 2.32 lakh crore as current balance; average annual inflation between 2013-14 and 2022-23 declined to 5 per cent from 8.2 per cent between 2003-04 and 2013-14 are some other things he attributed to India's firm growth. Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level, and appreciable central bank monetary policy, have all contributed to painting a bright picture for the Indian economy in recent quarters. India's GDP grew at a massive 8.4 per cent during the OctoberDecember quarter of the financial year 2023-24, and the country continued to remain the fastest-growing major economy and is poised to maintain its growth trajectory going ahead. India is set to remain the fastest-growing among major economies in 2024, according to latest International Monetary Fund's latest World Economic Outlook. IMF, in its latest outlook, raised India's growth projections for 2024 from 6.5 per cent to 6.8 per cent. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021- 22, respectively.
Source: The Economic Times
Since 2000, there has been a significant outburst in the global energy consumption, paralleled by Pakistan’s rising energy demands. Primary energy consumption in Pakistan has flown from 484 terawatt-hours (TWh) to 1071 TWh in 2021, a trend fuelled in part by the country’s energy-intensive textile industry. The textile sector stands as a foundation of Pakistan’s economy, accounting for over 61 percentage of its total exports, directly employing approximately 40 percentage of the nation’s industrial workforce. With a GDP contribution of about 8.5 percentage, the textile industry’s vitality cannot be overstated. To meet the mounting energy demands, particularly in its industrial sectors, the need for sustainable solutions in Pakistan becomes imperative. The textile sector can strategize to utilize its resources optimally to achieve energy efficiency. The prevalent initiatives such as the adoption of smart meters, optimization of thermal utilization, adherence to fuel economy standards, implementation of controls to minimize compressed air leaks, and enhancements in electrical motor maintenance have laid the groundwork for more viable options to explore the avenues to achieve energy efficiency in textile industry. Pakistan’s total energy consumption stands at 60.21 million TOE. However, with the adoption of clean and efficient technologies, the nation has the potential to save a substantial 10-12 million TOE of primary energy supply. This underscores the critical role that investing in energy efficiency can play, particularly for an economy like Pakistan that is heavily reliant on energy imports. The National Energy Efficiency and Conservation Authority (NEECA) has set some targets, aiming to save approximately 3 million TOE of energy through a range of sector-wide interventions by 2025. Moreover, enhancing energy productivity could yield remarkable economic dividends, with projections suggesting a potential 5 percentage increase in GDP over the next years. These initiatives not only address the pressing energy challenges faced by Pakistan, but also find the ways for sustainable economic growth and development. The textile industrial sector being the most energy intensive sector can be the befitting candidate for energy efficient measures. The textile industry emerges as a major consumer of both gas and electricity, accounting for a notable 28 percentage of the overall electricity and 40 percentage of the natural gas consumption. Thus, investment in energy efficiency measures within this sector becomes imperative to harvest substantial gains. Particularly, the textile spinning and processing sub-sectors present significant opportunities, with the potential to conserve, 2404 GWh of energy and slash costs by over 6 billion PKR. In textile sector, the main heads such as spinning; weaving and knitting; dyeing/finishing; garment stitching and printing fabric, etc., are energy intensive. The performance of main heads centres closely on rotor speed. However, any disruptions in energy supply can cause delays in production, high power rate burden, affecting product quality and missed timelines, impeding efficiency and inflating energy costs within the manufacturing process. Besides, despite its essential role, the overall energy consumption within Pakistan’s textile industry remains largely undocumented, largely due to its reliance on off-grid captive generation. Addressing these energy challenges in the textile industry not only promises substantial cost savings but also promotes sustainability and resilience in Pakistan’s manufacturing sector. The energy efficiency in textile sector can be improved. The optimization of resource utilization through the implementation of energy-efficient technologies and practices holds tremendous potential for Pakistan’s textile sector. By reducing operational expenses, decreasing greenhouse gas emissions, and enhancing export competitiveness, the sector can thrive in an increasingly competitive global market. However, significant hurdles must be addressed, which include limited capital investment, low awareness about energy efficiency, high costs, outdated equipment, increased wastage and leakages, inadequate technical skills, and resistance to change. To overcome these challenges, international collaboration and networking opportunities must be pursued strongly. Collaborations can raise an environment conducive to the adoption of energy efficiency measures, involving all key players and amplifying awareness and advocacy efforts. Moreover, ensuring an uninterrupted energy provision is essential to enable consistent production processes and minimize energy losses caused by frequent machine start-ups and shutdowns.
Source: Brecorder
The garment industry in Bangladesh, once hailed as a beacon of economic growth and a major player in global apparel exports, is now facing stiff competition, particularly from Vietnam. Recent statistics reveal a concerning trend: while Bangladesh's exports to key markets like the United States are dwindling, Vietnam's influence is steadily rising. This shift is sparking fears among sector experts and prompting calls for urgent action from both industry stakeholders and government authorities. According to data from the Office of Textiles and Apparel (OTEXA) under the US Department of Commerce, the first quarter of this year saw a 7.14% decrease in apparel imports by US businessmen compared to the same period in 2023. Bangladesh, a significant player in the US market, has been hit hardest by this contractionary import policy. In contrast, Vietnam stands out as the only country among the top five exporters to the US whose exports have increased, further exacerbating Bangladesh's challenges. One of the key factors contributing to Vietnam's success is its agility in adapting to the demands of fast fashion. Industry analysts emphasise the importance of prioritizing fast fashion in production systems and addressing weaknesses in branding and marketing. Amit Kumar Biswas, a respected analyst in the ready-made garment sector, underscores the need for capacity enhancement in fast fashion and adjustments in production systems to remain competitive. Industry owners are also exploring diversification beyond traditional styles to stay relevant. However, they acknowledge the pressing need to overcome branding and marketing weaknesses. They argue that substantial government support, particularly in the form of low-interest loans, is essential for modernizing factories and keeping pace with evolving market dynamics. Siddiqur Rahman, former president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), highlights the country's lag in man-made fiber production. He urges the government to seize opportunities in this sector by providing significant financial assistance through low-interest bank loans. Rahman's call underscores the importance of proactive government intervention in nurturing strategic sectors to enhance competitiveness and sustain growth. In the face of intensifying competition, Bangladesh exported ready-made garments worth $175 million to the US in the first quarter of 2024. However, this pales in comparison to China's $3.44 billion and Vietnam's $3.39 billion in exports during the same period. These figures underscore the urgent need for concerted efforts to revitalise Bangladesh's garment industry and safeguard its position in the global market. As Bangladesh grapples with the challenges posed by Vietnam's ascendance, collaboration between industry players and government authorities becomes imperative. Investing in technological advancements, upgrading production facilities, and enhancing marketing strategies are essential steps to regain momentum in apparel exports. With strategic initiatives and sustained support, Bangladesh can overcome current setbacks and reaffirm its status as a leading player in the global garment industry.
Source: Somoy News
China has emerged as India's largest trading partner in the FY 2023-24 with $118.4 billion two-way commerce, narrowly edging past the US, according to the data of economic think tank GTRI. The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was the top trading partner of New Delhi during 2021-22 and 2022-23. According to the report, India's exports to China rose by 8.7 per cent to $16.67 billion in the last fiscal. The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum. Imports from the neighbouring country increased by 3.24 per cent to $101.7 billion. Meanwhile, exports to the US dipped by 1.32 per cent to $77.5 billion in 2023- 24 as against $78.54 billion in 2022-23, while imports dipped by about 20 per cent to $40.8 billion, the report showed. The Global Trade Research Initiative (GTRI) said that from fiscal year 2019 to FY2024, India's trade dynamics with its top 15 trading partners underwent significant transformations, impacting both exports and imports along with the status of trade surplus or deficit across various sectors. It added that China witnessed a marginal decline in exports by 0.6 per cent, from USD 16.75 billion to USD 16.66 billion, while imports from China surged by 44.7 per cent, from USD 70.32 billion to USD 101.75 billion. "This growth in imports led to an expanding trade deficit, rising from USD 53.57 billion in FY2019 to USD 85.09 billion in FY2024, highlighting concerns over stagnant exports amidst rising imports," GTRI Founder Ajay Srivastava said. Trade with the US showed growth, with exports increasing significantly by 47.9 per cent from $52.41 billion to $77.52 billion, said the report. Imports from the US also experienced a 14.7 percent increase, climbing from $35.55 billion to $40.78 billion. Consequently, India's trade surplus expanded, rising from $16.86 billion to $36.74 billion. According to the Commerce Ministry data, China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner. The US was the largest partner in 2021-22 and 2022-23. In 2023-24, the UAE with USD 83.6 billion, was the third largest trading partner of India. It was followed by Russia ($65.7 billion), Saudi Arabia ($43.4 billion), and Singapore ($35.6 billion)
Source: The Economic Times
